China-US trade talks end on positive note

China responded by imposing penalties on $110 billion of American goods, slowing customs clearance for USA companies and suspending issuing licenses in finance and other businesses.

China's Ministry of Commerce on Thursday said the two sides "implemented the consensus" reached by the two presidents in earlier talks, and discussed both trade and structural issues in the meetings.

Trump, who has accused China and other nations of exploiting the United States in global trade, has said he will raise tariffs to 25 percent from 10 percent on $200 billion worth of Chinese imports if no deal is reached by March 2.

The two sides agreed to keep close contact, according to the statement.

Although neither side offered details of the meeting, one USA negotiator sounded a note of optimism to reporters after the talks broke up.

Analysts said the positive momentum of the talks will need to be followed up by more senior officials.

Tesla broke ground this week in Shanghai on its first factory outside the U.S. Musk said production of its Model 3 would start late this year.

"I think they went just fine", McKinney said as he left the hotel with his luggage, adding the trip "has been a good one for us". The delegations were led by deputy US Trade Representative Jeffrey Gerrish on the US side and vice commerce minister Wang Shouwen on the Chinese side.

He had earlier warned that if a deal is not reached by March 1, the end of the 90-day grace period, the U.S. will increase the tariffs on the Dollars 200 billions of goods from 10 per cent to 25 per cent. The escalating trade war raised concerns in China as its economy was on the downward trend amid efforts by the government to rejig the export-dependent economy to that of relying more on domestic consumption.

US President Donald Trump and China's President Xi Jinping. In recent weeks, China has showed some signs of flexibility or acceding to the American demands.

The talks also focused on "China's pledge to purchase a substantial amount of agricultural, energy, manufactured goods, and other products and services from the US" according to the USTR.

There has been some indication of Chinese moves to address concerns regarding forced technology transfer, including recently proposed legislation that would bar local governments from forcing foreign firms to transfer technology or illegally restrict market access.

At stake are scheduled United States tariff increase on $200 billion in Chinese imports. Exports of Chinese goods to Russian Federation increased 12 percent and amounted to $43.45 billion, while Russia's sales to China surged 44.3 percent to $53.78 billion.

She added that the Trump administration's complaint that China is stealing US intellectual property is "top of mind" in the negotiations with Beijing. "China has the good faith, on the basis of mutual respect and equality, to resolve the bilateral trade frictions".

"China is determined to bring the trade war to an end", The Economisthas reported.

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